Conclusion

Ursula F. Ott

Chapter 8 in International Joint Ventures, 2006, pp 180-187 from Palgrave Macmillan

Abstract: Abstract The research monograph has dealt with an important theoretical application to International joint ventures. The subtitle of the book ‘an interplay of co-operative and non-cooperative games under incomplete information’ was chosen to indicate the nature of IJV’s and the difficulties due to the hybrid structure. The introduction of the monograph showed in a sequential manner the development of game theory and its applicability to the IJV problem. In the same way, it was important to show the theoretical concepts of game theory and its application in information economics, contract theory, principal-agent theory and common agency theory. Otherwise, it will always be linked to Prisoner’s Dilemma which is only a facet of the power the theoretical tool game theory offers. Thus, it is important to point out that we have game theoretical reasoning in the above-mentioned theoretical concepts in economic theory and the various directions of economics. Particular for management and international business, the robust theoretical models of economic theory can contribute to strengthen a discipline which would otherwise struggle with empirical work without having a firm and rigorous analytical basis to apply empirical methods.

Keywords: Information Asymmetry; Effort Level; Moral Hazard; Adverse Selection; International Joint Venture (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62546-4_8

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DOI: 10.1057/9780230625464_8

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